If you are trying to find ways to cut your home expenses during these difficult economic times have you thought about refinancing. If you haven't now is the time. Interest rates are at historical lows, 30 year conventional loans are at 4.5% or lower and FHA is at 4.75% or lower.
Lets put this in perspective, if you currently have a mortgage of $300,000 at 6% your P&I (Principal & Interest) payment is $1799 per month.
If you refinance at 4.5% your P&I payment will be reduced to $1520 per month. That's a savings of $279 per month.
Keep in mind that there are closing cost with refinancing but much lower than when you are buying the home.
Please feel free to contact one of the loan officers I have listing on my website and see if you can start saving money.
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